COVINGTON, LA – June 22, 2017 – Flagship Healthcare Properties has made its first acquisition in the state of Louisiana, acquiring Covington Medical Arts Pavilion in the New Orleans MSA. The Class A, 55,000 square foot medical office building is certified LEED Silver, located at 5025 Keystone Boulevard, and joins the growing Flagship Healthcare Real Estate portfolio. With 72% occupancy, the property represents an uncommon on-campus, value-add opportunity.
Covington Medical Arts Pavilion is located on the campus of Lakeview Regional Medical Center, which has recently joined the venture between Hospital Corporation of America (“HCA”) and New Orleans-based Tulane University. Since 1977, Lakeview Regional Medical Center has been a transforming and healing presence in St. Tammany Parish as a full-service, acute-care hospital, providing inpatient and outpatient healthcare services. With more than 240 physicians and specialists and 800 employees, Lakeview Regional Medical Center offers a full spectrum of services, including a 24/7 Emergency Room, a Heart Center, a Surgical Institute, a Rehabilitation Center and a Behavioral Health Center. Covington Medical Arts Pavilion’s current tenancy includes HCA Lakeview Medical Center (Lakeview Behavioral Health) and AMG Rehabilitation Hospital – Covington, both inpatient providers.
”Flagship Healthcare Properties is pleased to enter the Louisiana market and have the opportunity to grow our relationship with HCA and their JV partner, Tulane University, as well as to serve other healthcare providers in the area”, said Russell Brown, Senior Vice President of Investments with Flagship Healthcare Properties. “This asset’s superb location adjacent to Lakeview Regional Medical Center, its ease of accessibility, and strong tenancy make it an exciting addition to our portfolio.”
About Flagship Healthcare Properties
Flagship Healthcare Properties, LLC (“FHP”) is a fully integrated commercial real estate firm focused on healthcare and professional office properties. FHP was formed in 2010 as Brackett Flagship Properties, LLC through the combination of Diane Brackett Company and Flagship Capital Partners, LLC, and in 2017 rebranded Flagship Healthcare Properties, LLC. Together these companies have over forty years of combined experience in healthcare real estate.
FHP provides its clients a full range of real estate services including investment and capital solutions; development; property sales, leasing, and marketing; and facilities, property, and asset management. FHP operates an integrated platform, having developed over 1.6 million square feet and currently managing, directly or indirectly, more than 2.5 million square feet of primarily healthcare-related office space across more than 85 properties throughout the Southeast.